I am thinking of a new plan and wanted to run it by you all since you are great thinkers. :).
A little background - the most solid plan has DH and I retiring in about 3-6 years. We want around a $35,000 per year income, using the 4% rule so the goal was to have around $875,000-$900,000. We currently have just over $500,000 in stocks so assuming 7% growth. I was going to pull the trigger when I turned 40 in 2022. Nothing too surprising there.
Here is where things have changed. My job is probably going away sometime this year (merger) and I am the main bread winner in a very specialized and competitive field. Over the past few years my job has been sucking the joy out of doing good work (less people, more work - the usual, but now I have an eye twitch that tells me I need to change things). DH has also harkened back to the day (before we were married, when I was still in college) when I told him he could retire in his 40s if he started to put money in investments then. He turns 40 in 2019, retiring before he turns 41 in 2020 makes him smile the big smiles (though he doesn't expect it to happen). His work is understaffed and he is getting less happy (kinda like me).
Looking at the finances, we need a minimum of about $24,000 per year to keep us a float (this includes the mortgage with about 9 years still on it), so an egg of 600,000. If I don't get cut until December, and I get a severance we will be right about there.
So the crux of the issue. We could both walk when we hit $600,000 and pull out 24000 per year. This should allow the 'stach to keep growing, albeit at a significantly reduced speed. Then when I gets to higher levels, pull out more until we get to 35000.
PROS -
Significantly earlier freedom!
I don't have to try and find a tangential field or learn a new job.
DH gets out of a job that eats all his energy. Ditto for me (less eye twitching).
CONS-
This does not leave room for errors. If the market corrects early on, our ability to pull out less does not exist unless to credit.
Possible changes to health care that are still being discussed.
The first few years would be all home based. Bigger things (international travel) would have to wait.
To me, it sounds like it could work, and the math works, but it might be more stressful than necessary. Each subsequent year we put the goal off, our situation improves vastly. Maybe cut the difference and shoot for 2019/2020. That gives DH his out before he is 41, but lets the stash build a cushion. I would also end up with a different job, so maybe that could be interesting too - as long as it is less stressful than the current one.
The closer FI comes, the harder it is still stick it out. A good problem to have, but ugh!
LV